SDOG vs. FDL

Last updated Aug 6, 2026

SDOG (ALPS Sector Dividend Dogs ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds - SDOG tracks the S-Network Sector Dividend Dogs Index while FDL tracks the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, SDOG returned 9.72%/yr vs 11.08%/yr for FDL. Their correlation of 0.89 means they have usually moved in the same direction. SDOG charges 0.36%/yr vs 0.43%/yr for FDL.

Performance

SDOG vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS Sector Dividend Dogs ETF (SDOG) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDOG achieves a 21.12% return, which is significantly higher than FDL's 18.60% return. Over the past 10 years, SDOG has underperformed FDL with an annualized return of 9.72%, while FDL has yielded a comparatively higher 11.08% annualized return.

SDOG

• 1D: -0.94%
• 1M: 3.78%
• 6M: 10.94%
• YTD: 21.12%
• 1Y: 30.19%
• 3Y*: 16.93%
• 5Y*: 10.90%
• 10Y*: 9.72%
• ALL TIME*: 11.79%

FDL

• 1D: -0.54%
• 1M: 4.47%
• 6M: 5.75%
• YTD: 18.60%
• 1Y: 26.71%
• 3Y*: 19.02%
• 5Y*: 13.96%
• 10Y*: 11.08%
• ALL TIME*: 8.95%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDL First Trust Morningstar Dividend Leaders Index Fund	$48.97M	$49.30M	$42.41M
SDOG ALPS Sector Dividend Dogs ETF	$3.61M	$3.57M	$3.76M

SDOG vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDOG ALPS Sector Dividend Dogs ETF	21.12%	11.12%	14.70%	4.19%	-0.20%	24.59%	-0.35%	24.02%	-11.43%	12.65%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.60%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between SDOG and FDL is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since Jun 29, 2012	0.89

The correlation between SDOG and FDL has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

SDOG vs. FDL - Sectors Allocation Comparison

Sectors	SDOG	FDL
Consumer Cyclical	16.8%	4.4%
Technology	11.2%	4.3%
Healthcare	10.5%	11.7%
Utilities	10.5%	15.4%
Financial Services	10.3%	13.7%
Consumer Defensive	10.2%	24.3%
Energy	9.6%	11.1%
Communication Services	9.4%	11.2%
Industrials	8.3%	3.6%
Basic Materials	3.3%	0.4%
Real Estate	-	-

Return for Risk

SDOG vs. FDL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SDOG

SDOG Risk / Return Rank: 92
SDOG Sharpe Ratio Rank: 92
SDOG Sortino Ratio Rank: 94
SDOG Omega Ratio Rank: 90
SDOG Calmar Ratio Rank: 93
SDOG Martin Ratio Rank: 91

FDL

FDL Risk / Return Rank: 89
FDL Sharpe Ratio Rank: 87
FDL Sortino Ratio Rank: 90
FDL Omega Ratio Rank: 83
FDL Calmar Ratio Rank: 96
FDL Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SDOG vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS Sector Dividend Dogs ETF (SDOG) and First Trust Morningstar Dividend Leaders Index Fund (FDL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SDOG	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.26	+0.36
Sortino ratio: Return per unit of downside risk	3.95	3.41	+0.53
Omega ratio: Gain probability vs. loss probability	1.46	1.39	+0.06
Calmar ratio: Return relative to maximum drawdown	4.86	6.28	-1.41
Martin ratio: Return relative to average drawdown	16.67	14.78	+1.89

SDOG vs. FDL - Sharpe Ratio Comparison

The current SDOG Sharpe Ratio is 2.62, which is comparable to the FDL Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of SDOG and FDL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SDOG vs. FDL - Drawdown Comparison

The maximum SDOG drawdown since its inception was -43.56%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for SDOG and FDL.

Drawdown Indicators

	SDOG	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-43.56%	-65.93%	+22.37%
Max Drawdown (1Y) Largest decline over 1 year	-6.24%	-4.27%	-1.97%
Max Drawdown (3Y) Largest decline over 3 years	-16.00%	-12.24%	-3.76%
Max Drawdown (5Y) Largest decline over 5 years	-19.84%	-16.46%	-3.38%
Max Drawdown (10Y) Largest decline over 10 years	-43.56%	-41.40%	-2.16%
Current Drawdown Current decline from peak	-1.85%	-1.60%	-0.25%
Average Drawdown Average peak-to-trough decline	-4.87%	-9.59%	+4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.81%	+0.01%

Volatility

SDOG vs. FDL - Volatility Comparison

The current volatility for ALPS Sector Dividend Dogs ETF (SDOG) is 3.98%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.48%. This indicates that SDOG experiences smaller price fluctuations and is considered to be less risky than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDOG	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	4.48%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	8.45%	8.63%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	11.59%	11.88%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.33%	14.43%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.98%	17.16%	+1.82%

SDOG vs. FDL - Expense Ratio Comparison

SDOG has a 0.36% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

SDOG vs. FDL - Dividend Comparison

SDOG's dividend yield for the trailing twelve months is around 3.31%, less than FDL's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.58%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
SDOG ALPS Sector Dividend Dogs ETF	3.31%	3.68%	3.86%	4.29%	3.87%	3.62%	3.63%	3.37%	4.03%	3.27%	3.32%	3.61%

Frequently Asked Questions

Can I hold both SDOG and FDL in my portfolio?

SDOG and FDL have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDOG or FDL?

FDL has higher volatility (4.48%) compared to SDOG (3.98%). In terms of maximum drawdown, SDOG dropped -43.56% vs FDL's -65.93%.

Which ETF is better, SDOG or FDL?

On 10-year performance, FDL leads with 11.08% vs 9.72% for SDOG. On fees, SDOG is cheaper at 0.36% per year. On volatility, SDOG has been the lower-risk option at 3.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDOG or FDL?

Over the 10-year period, FDL has performed better with a 11.08% return vs 9.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDOG or FDL?

SDOG is cheaper with a 0.36% expense ratio, compared with 0.43% for FDL.

Which ETF pays a higher dividend yield, SDOG or FDL?

FDL has the higher dividend yield at 3.58%, compared with 3.31% for SDOG.

What is the main difference between SDOG and FDL?

SDOG tracks S-Network Sector Dividend Dogs Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: SS&C and First Trust. Their fees differ too: 0.36% for SDOG and 0.43% for FDL.

Which has better risk-adjusted returns?

SDOG currently has the higher Sharpe Ratio (2.62 vs 2.26), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.